Podcasts about Flash Boys

In honour of World Book Day, Colin, Karyn, and Blair share their top finance and investing book recommendations - from timeless classics to modern favourites. Whether you are just getting started or deep into your financial journey, this episode is packed with page-turners that can help you build wealth, understand risk, and avoid common investing mistakes. Tune in and add some smart reads to your list!Here are some of our favourites if you want to add to your list!

This is a free preview of a paid episode. To hear more, visit andrewsullivan.substack.comMichael Lewis is the best nonfiction writer in America — and an old friend. He's the bestselling author of Liar's Poker, Moneyball, The Blind Side, and Flash Boys. He was on the Dishcast four years ago to discuss The Premonition: A Pandemic Story, and his new book is Who Is Government? The Untold Story of Public Service — a collection of essays by Michael and others about the federal workers now under assault by Elon Musk. Michael has a preternatural ability to sense what we want to read about when we want to read about it. This book is no exception.For two clips of our convo — on DOGE killing effective programs, and the calculated trauma imposed on federal workers — pop over to our YouTube page.Other topics: how civil servants forgo bigger salaries from the private sector; how they don't take public credit; the awards known as Sammies; the guy who revolutionized mine safety; the IRS worker who fought sex trafficking; how fraud in government is actually quite small; how Trump ignores his daily briefing; his fabulist psyche; his drive for retribution; Vought and the unitary executive; scaring workers to control them; firing the inspectors general; gutting the National Weather Service; the savior culture of USAID; the bipartisan miracle of PEPFAR; how 86% of the debt is interest + entitlements + defense that DOGE can't affect; Musk's ignorance on basic civics; the secrecy of DOGE; the Founders' hatred of monarchy; Trump's tax cuts; impending inflation; “Blame Canada”; Rubio and the Khalil case; my own green card; Vance in Germany; vilifying Zelensky; the brilliance of Thatcher; Ross Perot's run; the Clinton/Gore downsizing; Newsom's tack to the center; the promise of Polis and Fetterman; and stories from TNR in the ‘90s.Browse the Dishcast archive for an episode you might enjoy (the first 102 are free in their entirety — subscribe to get everything else). Coming up: Nick Denton on China's inevitable world domination, Evan Wolfson on the history of marriage equality, Francis Collins on faith and science, Douglas Murray on Israel and Gaza, and the genius filmmaker Mike White. Please send any guest recs, dissents, and other comments to dish@andrewsullivan.com.

Bienvenidos a Salud Financiera. Un programa diario dónde puedes aprender y preguntar sobre finanzas personales y mercados financieros.En este episodio #246 te hago la introducción del libro Flash Boys de Michael Lewis y el impacto del High Frequency Trading en las bolsas mundiales. No te pierdas nada de nuestra comunidad: https://linktr.ee/misaludfinancieraCurso de ETFs disponible en https://go.hotmart.com/U91482169YCurso de Fondos disponible en https://hotmart.com/es/marketplace/pr...Puedes enviar tus preguntas al email preguntas.saludfinanciera@gmail.com o el teléfono 614239639.Enlaces de Interés- https://www.michaellewiswrites.com/#top- https://www.degiro.es/helpdesk/plataforma-de-trading/usar-la-plataforma-de-trading/que-es-smart-order-routing-sor - https://www.morganstanley.com/content/dam/msdotcom/en/assets/pdfs/sales_and_trading_disclosures/MS_US_Cash_Equity_Order_Handling_and_Routing_FAQs.pdf- https://www.slideserve.com/sanne/spread-networks-chicago-new-jersey-low-latency-route-powerpoint-ppt-presentationColaboradores del PodcastBit2Me: http://bit.ly/3Wjr4NB Recibe 15€ en Bitcoin con tu primera compraextraETF: https://bit.ly/extraetfUno de los Mejores Screeners de ETFs en EuropaCronología00:00 Introducción03:30 Reseña del libro Flash Boys10:00 Biografía de Michael Lewis14:50 Data Centers y Latencia en Estados Unidos26:30 Análisis del SOR de Morgan Stanley usada por DEGIRO

Simon and Rachel speak with journalist and author Michael Lewis. Michael grew up in New Orleans and in the 1980s he worked on Wall Street. His first book "Liar's Poker" (1989) relates his experience at the investment bank Salomon Brothers. His subsequent books include "Moneyball" (2003), ostensibly about baseball but also about the way markets value people, "The Blind Side" (2006) about a black teenager taken in by a white evangelical family who becomes an American football player, and "Flash Boys" (2014) about the legal - but questionable - practice of high-frequency trading. Michael's writing has also appeared in Vanity Fair, the New Republic, and Bloomberg. We spoke to Michael about moving from finance to writing, his subsequent books, and his most recent project, "Going Infinite", on the rise and fall of crypto entrepreneur Sam Bankman-Fried.  A new edition of “Always Take Notes: Advice From Some Of The World's Greatest Writers” - a book drawing on our podcast interviews - is available now. The updated version now includes insights from over 100 past guests on the podcast, with new contributions from Harlan Coben, Victoria Hislop, Lee Child, Megan Nolan, Jhumpa Lahiri, Philippa Gregory, Jo Nesbø, Paul Theroux, Hisham Matar and Bettany Hughes. You can order it via ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Amazon⁠⁠⁠ or ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Waterstones⁠⁠⁠. You can find us online at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠alwaystakenotes.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, on Twitter @takenotesalways and on Instagram @alwaystakenotes. Our crowdfunding page is ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠patreon.com/alwaystakenotes⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Always Take Notes is presented by Simon Akam and Rachel Lloyd, and produced by Artemis Irvine. Our music is by Jessica Dannheisser and our logo was designed by James Edgar.

From the best-selling author of The Big Short and Flash Boys, the story of FTX's spectacular collapse and the enigmatic founder at its center. When Michael Lewis first met him, Sam Bankman-Fried was the world's youngest billionaire and crypto's Gatsby. CEOs, celebrities, and leaders of small countries all vied for his time and cash after he catapulted, practically overnight, onto the Forbes billionaire list. Who was this rumpled guy in cargo shorts and limp white socks, whose eyes twitched across Zoom meetings as he played video games on the side? In Going Infinite Lewis sets out to answer this question, taking readers into the mind of Bankman-Fried, whose rise and fall offers an education in high-frequency trading, cryptocurrencies, philanthropy, bankruptcy, and the justice system. Listen to his conversation with Michael here, on "Going Infinite: The Rise and Fall of a New Tycoon." Original air date 26 August 2024. The book was published in October 2023, with the updated paperback version releasing on 27 August 2024.

Imran and Qiao sat down to discuss how gen z and alpha will shape the future of crypto.No BS crypto insights for founders.Timestamps(00:00) Intro(00:41) MVP 2nd Trailer(01:42) Qiao's Bitcoin Nashville Experience(03:47) The Trump Speech(04:54) Is Trump's Speech at BTC Nashville Top Signal?(05:16) Imran's Experience at the ETH ETF Launch Closing Ceremony(07:59) NYSE and Nasdaq's Technology is Pretty Hardcore(09:58) Flash Boys(11:54) "Millenials and Genz have given up on finding fulfillment at work"(17:53) "Every social network is generational"(18:47) What Social App Does Gen Alpha Use?(19:25) "Teenage anxiety, depression, suicide, and ADHD went up to 2 or 3 fold since 2012"(23:53) Speculation vs. Real-World Use Case(24:55) Ranking NFT Collections by Generation(27:52) Wanna Talk About Politics?(28:39) "On day 1, I will fire Gary Gensler" - Trump(29:13) Trump is Telling Us What We Want to Hear(30:04) We Don't Know What Kamala Harris Stands For(30:42) Is Kamala Harris Anti Crypto?(32:17) "Whoever owns crypto will likely win the election" - Mark Cuban(34:35) SEC Moves to Amend Complaint Against Binance(36:17) Alliance's Dashboard for Crypto Buzzwords(37:10) Privacy related(38:15) UX related(39:04) Consumer related(40:34) Trading(41:08) Scaling(51:52) Yield(41:59) RWA(43:45) Ethereum vs. Solana(49:14) Base is Becoming Ethereum(52:01) Imran Bearish Ethereum?(54:08) Ethereum - The Tragedy of Going Decentralized Too Soon(54:55) There are Signs of War Mode Vitalik(57:36) An Ecosystem Emerging on Top of Pump(58:11) Tokenizing License Plates in the Form of NFTs(59:11) Avalanche Focusing on Boomer Institutions(01:01:16) Will Base Launch a Token?(01:01:40) Will Polymarket Launch a Token?(01:03:03) Polymarket Might Focus on Sports?(01:04:20) Polls vs. Prediction Market(01:05:01) Trump vs. Harris on PredicIt(01:09:37) The 2nd Trailer of MVPSpotify: https://spoti.fi/3N675w3Apple Podcast: https://apple.co/3snLsxUWebsite: https://goodgamepod.xyzTwitter: https://twitter.com/goodgamepodxyzWeb3 Founders:Apply to Alliance: https://alliance.xyzAlliance Twitter: https://twitter.com/alliancedaoDISCLAIMER: The views expressed herein are personal to the speaker(s) and do not necessarily reflect the views of any other person or entity. Discussions and answers to questions are intended as generalized, non-personalized information. Nothing herein should be construed or relied upon as investment, legal, tax, or other advice.

Phil Daian is a crypto-economic researcher! Phil is the lead author behind the landmark paper, “Flash Boys 2.0,” which introduced and defined the MEV problem in the Ethereum landscape, over 4 years ago. He is the cofounder of FlashBots, which is a research and dev organization with the mission of mitigating the negative externalities of MEV. Andrew Miller is an Associate Professor at the University of Illinois, SGX Bull, and visiting researcher at Flashbots, and big believer in cypherpunk values through crypto-economic mechanisms.  ------ ✨ DEBRIEF | Ryan & David unpacking the episode: https://www.bankless.com/debrief-suave  Have you ever heard of Flashbots? Flashbots is the silent protector of Ethereum, a shield against the forces of centralization that silently sneak into our cryptosystems and turn them into TradFi. It's one of the unsung heroes of crypto. The guests we have on today are from Flashbots, Phil Daian, and Andrew Miller. They believe the biggest centralization threats in crypto still lie ahead. And they've got a new platform that's being built to defend against them. It's called “Suave”, and we've been hearing a lot about it recently - “Solving MEV” - “Decentralizing block building” - but going into this episode, we weren't sure exactly what it was. We found out during this episode.  -----

This is the second instalment of a three-part discussion. Michael Lewis is the renowned author of bestselling nonfiction hits including Moneyball, The Big Short, Flash Boys and Liar's Poker. His latest is his most anticipated book to date: Going Infinite: The Rise and Fall of a New Tycoon, a gripping, real-time narrative chronicling the enigmatic protagonist behind one of the most catastrophic financial meltdowns of the 21st century. This character is Sam Bankman-Fried, who became the world's youngest billionaire before his thirtieth birthday. And Lewis is uniquely positioned to tell his story, having been granted unprecedented access by Bankman-Fried, allowing him to witness his entire tumultuous journey. Joining Lewis in conversation is our host the journalist and presenter Ritula Shah. We'd love to hear your feedback and what you think we should talk about next. Send us an email or voice note with your thoughts to podcasts@intelligencesquared.com or Tweet us @intelligence2.  And while you're listening, why not visit Intelligencesquared.com and sign up to our newsletter to be the first to hear about some of our great upcoming events and deals. If you'd like to support our mission to foster honest debate and compelling conversations, as well as ad-free podcasts, exclusive bonus content, early access and much more, become a supporter of Intelligence Squared. Just visit intelligencesquared.com/membership to find out more.  Learn more about your ad choices. Visit podcastchoices.com/adchoices

Michael Lewis is the renowned author of bestselling nonfiction hits including Moneyball, The Big Short, Flash Boys and Liar's Poker. His latest is his most anticipated book to date: Going Infinite: The Rise and Fall of a New Tycoon, a gripping, real-time narrative chronicling the enigmatic protagonist behind one of the most catastrophic financial meltdowns of the 21st century. This character is Sam Bankman-Fried, who became the world's youngest billionaire before his thirtieth birthday. And Lewis is uniquely positioned to tell his story, having been granted unprecedented access by Bankman-Fried, allowing him to witness his entire tumultuous journey. Joining Lewis in conversation is our host the journalist and presenter Ritula Shah. This is the first of a three-part discussion.  We'd love to hear your feedback and what you think we should talk about next. Send us an email or voice note with your thoughts to podcasts@intelligencesquared.com or Tweet us @intelligence2.  And while you're listening, why not visit Intelligencesquared.com and sign up to our newsletter to be the first to hear about some of our great upcoming events and deals. If you'd like to support our mission to foster honest debate and compelling conversations, as well as ad-free podcasts, exclusive bonus content, early access and much more, become a supporter of Intelligence Squared. Just visit intelligencesquared.com/membership to find out more.  Learn more about your ad choices. Visit podcastchoices.com/adchoices

Having already amassed a $26 billion fortune at 28, cryptocurrency entrepreneur Sam Bankman-Fried was the world's richest person under 30. He was also the most prominent advocate of the 'effective altruism' movement, pledging to donate millions of dollars to charities he judged would make the greatest positive difference. Then, it all came crashing down. Bankman-Fried is currently on trial in New York for fraud, after the collapse of his cryptocurrency exchange exposed the misuse of customer funds. But he is no ordinary greedy billionaire, says best-selling author Michael Lewis, who had already chosen Bankman-Fried as the subject of his next book before his fortunes changed. Lewis, whose previous books include Moneyball, The Big Short and Flash Boys, returns to the Inside Politics podcast to talk to Hugh Linehan about the highly unusual personality, methods and motivations of Sam Bankman-Fried. He also addresses the criticisms he himself has faced for his relatively favourable depiction of a man charged with conspiracy, money laundering and fraud. Hosted on Acast. See acast.com/privacy for more information.

Welcome back for another episode of Nick's Non-fiction with your host Nick Muniz In Michael Lewis's game-changing bestseller, a small group of Wall Street iconoclasts realize that the U.S. stock market has been rigged for the benefit of insiders. They band together―some of them walking away from seven-figure salaries―to investigate, expose, and reform the insidious new ways that Wall Street generates profits. If you have any contact with the market, even a retirement account, this story is happening to you. Subscribe, Share, Mobile links & Time-stamps below! 0:00 Introduction 4:20 About the Author 5:55 Ch1: Cheat to Win 11:25 Ch2: Canadian Counter 18:05 Ch3: Flash Crash 22:45 Ch4: Sleeper Cell 27:40 Ch5: The Big Shart 31:40 Next Time & Goodbye! 34:55 Bonus YouTube: https://youtu.be/SKTpMmBGU10 Patreon: https://www.patreon.com/TheNiche

This week Anna Rose (https://twitter.com/annarrose) chats with Ravital Solomon (https://ravital.github.io/), founder of Sunscreen (https://sunscreen.tech/). They cover her early interest in lattice-based cryptography and how this paved the way for her work on FHE, starting at NuCypher then with her startup Sunscreen. They dive into the challenges involved when building with FHE as well as exploring the power in combining ZKP and FHE. They also discuss the early emergence of lattice-based zero knowledge proofs. Here are some additional links for this episode: Episode 269: Auctions with Kshitij Kulkarni, Matheus V. X. Ferreira and Tarun (https://zeroknowledge.fm/269-2/) Sunscreen Twitter (https://mobile.twitter.com/SunscreenTech) Sunscreen Website (https://sunscreen.tech/) zkSummit6: Beating the Flash Boys with Fully Homomorphic Encryption + ZKPs Ravital Solomon NuCypher (https://www.youtube.com/watch?v=Qo6cmljt5DU) Check out the ZK Jobs Board here: ZK Jobs (https://jobsboard.zeroknowledge.fm/). Polygon zkEVM (https://polygon.technology/blog/polygon-zkevm-mainnet-beta-is-live?utm_source=twitter&utm_medium=social&utm_campaign=zkevm-launch&utm_term=mainnet-beta-live&utm_content=blog) is here. This performant, ZK-powered, open-source, EVM-equivalent rollup launched its Mainnet Beta last month. Polygon zkEVM is making scaling truly frictionless—fast finality and EVM-equivalence means devs can do everything they can do with the EVM, only cheaper. To connect to Polygon zkEVM, go to Polygon.technology (https://polygon.technology/) If you like what we do: * Find all our links here! @ZeroKnowledge | Linktree (https://linktr.ee/zeroknowledge) * Subscribe to our podcast newsletter (https://zeroknowledge.substack.com) * Follow us on Twitter @zeroknowledgefm (https://twitter.com/zeroknowledgefm) * Join us on Telegram (https://zeroknowledge.fm/telegram) * Catch us on Youtube (https://zeroknowledge.fm/)

THE THESIS: Much more of what we see everyday is performative than we would like to believe. Take Sam Bankman-Fried for example. The Democrat's apparent money launderer, FTX had all the marks of fraud. Zach Abaham saw it and warned against it. But, SEC regulators didn't just ignore it, the SEC boss hung out with FTX people. The financial press lionized Bankman-Fried as a Robinhood. Ukraine invested money—formerly OUR money—in it and Democrats took $50 million out of it. Now, math has conquered lies, it was never real. THE SCRIPTURE & SCRIPTURAL RESOURCES: We know that God's Word describes people in spiritual blindness. If they cannot see the very Word of God, how easy would it be for the enemy to blind them to the other lies of this world?2 Corinthians 4:1-124 Therefore, since through God's mercy we have this ministry, we do not lose heart. 2 Rather, we have renounced secret and shameful ways; we do not use deception, nor do we distort the word of God. On the contrary, by setting forth the truth plainly we commend ourselves to everyone's conscience in the sight of God. 3 And even if our gospel is veiled, it is veiled to those who are perishing. 4 The god of this age has blinded the minds of unbelievers, so that they cannot see the light of the gospel that displays the glory of Christ, who is the image of God. 5 For what we preach is not ourselves, but Jesus Christ as Lord, and ourselves as your servants for Jesus' sake. 6 For God, who said, “Let light shine out of darkness,”[a] made his light shine in our hearts to give us the light of the knowledge of God's glory displayed in the face of Christ.7 But we have this treasure in jars of clay to show that this all-surpassing power is from God and not from us. 8 We are hard pressed on every side, but not crushed; perplexed, but not in despair; 9 persecuted, but not abandoned; struck down, but not destroyed. 10 We always carry around in our body the death of Jesus, so that the life of Jesus may also be revealed in our body. 11 For we who are alive are always being given over to death for Jesus' sake, so that his life may also be revealed in our mortal body. 12 So then, death is at work in us, but life is at work in you.THE NEWS & COMMENT:This explains the outline of this scandal pretty wellHere are more detailsFTX Held Just $900MM In Liquid Assets Vs $9BN In Liabilities As Video Emerges Confirming Alameda Knew It Was Pilfering Client FundsBankman-Fried is speaking dazzle-babble and CNBC laps it up. [AUDIO] - SBF interview on CNBC ... in hindsight, listening to his words really sounds weird. He was clearly trying to keep his own scam from being exposed by "protecting the ecosystem".A sizzle-piece with hockey stick modeling and no one saw this as a swindle? Bankman-Fried believed that Democrat consultants and ad-writers / media buyers would “save the most lives?” [AUDIO] - More from the FTX CEO and second biggest Democrat donor . . . second only to George SorosA comparison and a reminder of what being mobbed-up will buy you. The White House sanctions and arrests kids for the "crime" of building privacy tools to protect you, while "regulators" were quietly palling around with the thieves who just robbed 5 million people. The difference? The thieves were big political donors.Fortune is correctly calling out the regulators . . . SBF's disgrace could make things awkward for Gary Gensler and the Democrats“Gary Gensler blew it again. After his agency failed to warn investors about Terra and Celsius—whose collapses this spring sparked a trillion-dollar investor wipeout—the Securities and Exchange Commission chair allowed an even bigger debacle to unfold right under his nose. I'm talking, of course, about the revelation this week that the $30 billion FTX empire was a house of cards and that its golden boy founder, Sam Bankman-Fried, is the crypto equivalent of Theranos's Elizabeth Holmes.To be fair, Gensler was not the only one suckered by SBF. Nearly everyone else—myself included—fell for the narrative that SBF, with his cute afro and aw-shucks demeanor, was exactly the savior crypto needed to shake off its dodgy reputation and emerge as part of the mainstream financial system. The problem is that cop-on-the-beat Gensler not only failed to spot the crime—he appeared set to go along with a legislative strategy that would have given SBF a regulatory moat and made him king of the U.S. crypto market.According to Washington insiders I spoke with, the reason behind SBF's decision this summer to obtain control over BlockFi was to benefit from the troubled crypto lender's recent settlement with the SEC—basically extending the amnesty BlockFi had received to FTX. Meanwhile, FTX's recent tie-up with securities exchange IEX (of Flash Boys fame) would also help SBF's empire come under the U.S. regulatory umbrella. All of this would clear FTX to have the U.S. market to itself as the company lobbied for legislation that could have torpedoed competitors like Binance as well as the emerging DeFi sector.”BUT, Fortune also pumped this guy up as the possibly being “ The Next Warren Buffett.”

In this week's episode of 0xResearch, we bring on Westie to explore the "dark arts "of crypto: MEV Markets. We discuss the underlying mechanics of MEV-Boost, the threat of censorship, Flashbots' dominance, the flywheel of exclusive order flow and more. And if MEV isn't your thing, check out our pre-interview segment with Matt & Pibblez. Why? Because it's like a weekly newsletter, except not boring and delivered straight to your ears. - - Timestamps (00:00) Introduction (00:02) Pre-Interview: News, Hot Seat, Data Insights (21:15) Flashboys 2.0 (26:10) MEV Boost Explained (30:47) Threat of Censorship (38:59) Exclusive Order Flow (42:26) Manifold & MEV's Biggest Players (48:35) Staking Rewards & Flashbot's Dominance (59:47) Do All Liquid Staking Providers Use Flashbots? (01:03:47) Our Closing Question (01:05:34) Post-Interview Recap - - Follow Westie: https://twitter.com/WestieCapital Follow Sam: https://twitter.com/swmartin19 Follow Dan: https://twitter.com/smyyguy Follow Blockworks Research: https://twitter.com/blockworksres Subscribe on YouTube: https://bit.ly/3foDS38 Subscribe on Apple: https://apple.co/3SNhUEt Subscribe on Spotify: https://spoti.fi/3NlP1hA Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Resources Sushi: The Bull & Bear Case https://www.blockworksresearch.com/research/sushi-the-bull-and-bear-case Flash Boys 2.0 https://arxiv.org/abs/1904.05234 Ethereum Is A Dark Forest https://www.paradigm.xyz/2020/08/ethereum-is-a-dark-forest MEV In PoS Ethereum (Westie) https://bit.ly/3gZ7Drw Understanding MEV Twitter Thread https://twitter.com/blockworksres/status/1584937588552441856 Chainalysis Insights Tab https://blog.chainalysis.com/ Sushi Chart (Flipside) https://bit.ly/3FvHT0a Understanding MEV Twitter Thread https://twitter.com/blockworksres/status/1584937588552441856 -- Blockworks Research https://www.blockworksresearch.com/ Blockworks Research Newsletter https://blockworks.co/newsletter/daily-debrief-by-blockworks-research/ -- Chainalysis is the leading blockchain analytics company. Web3 companies like Dapper, Gemini, and Crypto.com manage risk, drive investigations, and inform growth strategies with Chainalysis. Together, we build trust in blockchains, grow safe consumer access to cryptocurrency, and promote more financial freedom with less risk. Visit Chainalysis.com/blockworks to learn more now. -- Flipside has the most comprehensive data in web3 to get you the insights you need to work smarter. Instantly query the data yourself (for free!) or browse dashboards by elite analysts to find hidden alpha and get the edge you need to win. Earn up to $75 USDC by completing 0xResearch's exclusive bounty for analysts on Flipside: https://flipsidecrypto.xyz/drops/0xresearch-bounty-defi-users-7f5442 - - Disclaimer: Nothing said on 0xResearch is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Dan, Sam, and our guests may hold positions in the companies, funds, or projects discussed.

Institutional investors are playing a more-influential role in crypto markets as retail traders retreat, and that explains much of the recent range-bound price action, according to Michael Safai of proprietary trading firm Dexterity Capital.  “We might have been playing checkers two years ago,” said Safai, whose firm traded more than $1.2 trillion in crypto last year. “We're playing chess now.”  Safai joined the What Goes Up podcast this week to discuss the state of the digital-asset market and how high-frequency crypto trading strategies differ from the famous “Flash Boys” of the stock market. See omnystudio.com/listener for privacy information.

Critics of blockchain often say that it is nothing more than a database, but today's guest, Ari Juels, has a different opinion. His technical expertise (he is a Professor of Computer Science at Cornell Tech), combined with his ability to understand both sides of a divisive topic like this one, make for a very insightful conversation about Bitcoin, NFTs, and smart contracts. We talk about the reasons for the valid skepticism that surrounds blockchain technology, the various reasons that Ari believes that it is a powerful, useful tool, despite its downfalls, pyramid schemes, decentralized exchanges and more!   Key Points From This Episode:   The significance of the Bitcoin innovation to Ari's field of study. (0:03:40) What piqued Ari's initial interest in digital currency. (0:04:46) Ari explains the difference between permission and permissionless blockchains. (0:06:27) Comparing a permission blockchain with a distributed-append-only database with authorized contributors. (0:08:34) A number of reasons why permissionless blockchains have been so widely embraced (despite Ari's initial prediction to the contrary). (0:12:24) Fraud in the cryptocurrency space; Ari shares his thoughts. (0:14:28) The benefits of the cultural phenomenon of NFTs. (0:19:25) Examples of NFT-related issues that still need to be addressed. (0:26:04) How smart contracts can be used by criminals to their advantage. (0:30:09) Why smart contracts are well suited for compliance. (0:32:02) An example of a smart contract pyramid scheme. (0:35:48) Some of the pros and cons of the inflexibility of smart contracts. (0:41:09) What flash loans are and what they can be used for. (0:46:11) Understanding the value of oracle systems. (0:50:04) How the Candid system that Ari's group developed helps to mitigate the problem of lost Bitcoin keys. (0:57:04) Ari explains the advantages and disadvantages of a decentralized exchange. (01:01:19) How the blockchain has improved code writing. (01:07:57) The importance of balancing privacy and accountability in DeFi systems. (01:09:38) Ari's thoughts about the future potential of blockchain technology. (01:14:03) The biggest concerns that Ari has about the blockchain space. (01:15:24) Why skepticism about blockchain technology is valid. (01:17:31) The facet of the blockchain space that Ari is most excited about. (01:19:51)     Links From Today's Episode: Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Shop Merch — https://shop.rationalreminder.ca/ Join the Community — https://community.rationalreminder.ca/ Follow us on Twitter — https://twitter.com/RationalRemind Follow us on Instagram — @rationalreminder Benjamin on Twitter — https://twitter.com/benjaminwfelix Cameron on Twitter — https://twitter.com/CameronPassmore Ari Juels on Twitter — https://twitter.com/AriJuels Ari Juels — https://www.arijuels.com/ The Ring of Gyges: Using Smart Contracts for Crime — http://www.arijuels.com/wp-content/uploads/2013/09/Gyges.pdf NFTs for Art and Collectables: Primer and Outlook — https://www.arijuels.com/wp-content/uploads/2022/04/NFTs__Primer_and_Outlook.pdf ‘Huge mess of theft and fraud:' artists sound alarm as NFT crime proliferates — https://www.theguardian.com/global/2022/jan/29/huge-mess-of-theft-artists-sound-alarm-theft-nfts-proliferates Incomplete Contracts and Control — https://www.nobelprize.org/uploads/2018/06/hart-lecture.pdf Chainlink 2.0: Next Steps in the Evolution of Decentralized Oracle Networks — https://research.chain.link/whitepaper-v2.pdf?_ga=2.99068702.124468793.1661870135-1990502175.1661870135 Flash Boys 2.0: Frontrunning, Transaction Reordering, and Consensus Instability in Decentralized Exchanges — https://arxiv.org/pdf/1904.05234.pdf Themis: Fast, Strong Order-Fairness in Byzantine Consensus — https://eprint.iacr.org/2021/1465.pdf Cleaning Up Cryptocurrency: The Energy Impacts of Blockchains — https://energycommerce.house.gov/sites/democrats.energycommerce.house.gov/files/documents/Witness%20Testimony_Juels_OI_2022.01.20.pdf The Seven Grand Challenges — https://www.initc3.org/projects.html

Steven Goldfeder is Co-Founder and Chief Executive Officer at Offchain Labs, the team building Arbitrum. In this episode we discuss:  Steven's academic background, and his work at Princeton University.  BlockSci, an early blockchain forensics/search product that Steven co-founded.  The evolution of MPC custody and the exciting developments in that category.  The Flash Boys 2.0 paper and the current state of MEV.  Steven's views on the evolution of L1 smart contract platforms and how L2 scaling is shaping up.  The design choices and considerations that went into the choice of optimistic vs. zero-knowledge rollups on Arbitrum.  The future of ZK systems on blockchains.    To learn more about Arbitrum and follow Steven visit www.offchainlabs.com

Jason Trennert is Chairman and Chief Executive Officer of Strategas and its related companies. The podcast starts with Jason explaining why he wrote his 2015 book My Side of the Street: Why Wolves, Flash Boys, Quants, and Masters of the Universe Don't Represent the Real Wall Street and why it remains relevant today. After describing how his passion for intelligence-gathering informs how he looks at investments, Jason lays out the three fundamental principles underpinning the way he does business. Jason then voices his skepticism about Wall Street's prediction that profits will be up next year, given that a recession seems inevitable. He also airs his concerns about tech companies valued on revenue growth and not growth in earnings or cash flows.   Lastly, Ryan and Jason talk about the price activity of Bed Bath and Beyond (BBBY) in recent weeks. He explains that meme stocks are damaging confidence in the system and companies' ability to raise money.

"Honest-but-rational or ideologically motivated validators could use this attack to increase their profits or stall the protocol, threatening incentive alignment and security of PoS Ethereum. The attack can also lead to destabilization of consensus from congestion in vote processing." Part 2! Today we're reading through a recent paper that pokes some serious holes in the security of Proof of stake Ethereum. As we get closer to the merge, it's more important than ever to understand the different attack vectors on Ethereum, what the consequences are and how likely these attacks are to come to fruition. This readthrough is dense and build on previous episodes we've done, so if you haven't been a long time listener, go back and listen to these first, otherwise it will be hard to understand: 1. Why Proof of Stake 2. The Beacon Chain Ethereum 2.0 3. What is Byzantine Fault Tolerace 4. Flashboys 2.0 ____________________ As always, you can support the show by supporting and subscribing to Alpe Audio:

"Honest-but-rational or ideologically motivated validators could use this attack to increase their profits or stall the protocol, threatening incentive alignment and security of PoS Ethereum. The attack can also lead to destabilization of consensus from congestion in vote processing." Today we're reading through a recent paper that pokes some serious holes in the security of Proof of stake Ethereum. As we get closer to the merge, it's more important than ever to understand the different attack vectors on Ethereum, what the consequences are and how likely these attacks are to come to fruition. This readthrough is dense and build on previous episodes we've done, so if you haven't been a long time listener, go back and listen to these first, otherwise it will be hard to understand: 1. Why Proof of Stake 2. The Beacon Chain Ethereum 2.0 3. What is Byzantine Fault Tolerace 4. Flashboys 2.0 ____________________ As always, you can support the show by supporting and subscribing to Alpe Audio:

Christina Qi is the CEO of Databento, an on-demand market data platform. She formerly founded Domeyard LP, a hedge fund focused on high frequency trading (HFT) that traded up to $7.1 billion USD per day. Failing to earn a job offer after a Wall Street internship, Christina started Domeyard from her dorm room with $1000 in savings, about 9 years ago. Her fund was a tiny minnow amongst the tigers of the hedge fund world, but after Michael Lewis's Flash Boys came out in 2014 and HFT firms hid from the spotlight, Domeyard accidentally found itself in the center of the ring. Over the next decade, her company's story was featured on the front page of Forbes and Nikkei, and quoted in the Wall Street Journal, Bloomberg, CNN, NBC, and the Financial Times as a result of the controversy and fascination with HFT. By a series of accidents, Christina became a voice in her industry, contributing to the World Economic Forum's research on AI in finance, guest lecturing at dozens of universities, and teaching Domeyard's case study at Harvard Business School. She is grateful to be able to open up about her mistakes, and to help people turn failures into opportunities. No amount of therapy has quashed Christina's impostor syndrome, but she will always be proud of her non-profit volunteer work. Christina was elected as a Member of the MIT Corporation, MIT's Board of Trustees. She is Co-Chair of the Board of Invest in Girls, bringing financial literacy education to underserved populations across the US. Christina also sits on the Board of Directors of The Financial Executives Alliance (FEA) Hedge Fund Group, drives entrepreneurship efforts at the MIT Sloan Boston Alumni Association (MIT SBAA), and served on the U.S. Non-Profit Boards Committee of 100 Women in Finance. Although "X Under X" lists are a gimmick, she'll admit that Forbes 30 Under 30 made a positive impact on her life by giving her a community - friends who dragged her out of bed during the lowest days of her life. Christina holds a Bachelor of Science in Management Science from MIT and is a CAIA Charterholder. Christina wrote a book about her many hedge fund mistakes, but is hesitating to publish it because she wants to spend her 30's out of the spotlight. If it ever gets published, you can sign up for a notification by visiting www.christinaqi.com Learn more about Christina LinkedIn: linkedin.com/in/christinaqi Twitter: christinaqi Website: christinaqi.com Shout-out: Today's Diversity Leader Shout-out goes to Tiffany Zimmerman, Senior Director, Invest in Girls Program Music: Vente by Mamá Patxanga is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License Amor Y Felicidad by SONGO 21 is licensed under a Attribution-NonCommercial-ShareAlike 3.0 International License --- Send in a voice message: https://anchor.fm/si-suite/message

Christina Qi is the CEO of Databento, an on-demand market data platform. She formerly founded Domeyard LP, a hedge fund focused on high frequency trading (HFT) that traded up to $7.1 billion USD per day. Failing to earn a job offer after a Wall Street internship, Christina started Domeyard from her dorm room with $1000 in savings, about 9 years ago. Her fund was a tiny minnow amongst the tigers of the hedge fund world, but after Michael Lewis's Flash Boys came out in 2014 and HFT firms hid from the spotlight, Domeyard accidentally found itself in the center of the ring. Over the next decade, her company's story was featured on the front page of Forbes and Nikkei, and quoted in the Wall Street Journal, Bloomberg, CNN, NBC, and the Financial Times as a result of the controversy and fascination with HFT. By a series of accidents, Christina became a voice in her industry, contributing to the World Economic Forum's research on AI in finance, guest lecturing at dozens of universities, and teaching Domeyard's case study at Harvard Business School. She is grateful to be able to open up about her mistakes, and to help people turn failures into opportunities. No amount of therapy has quashed Christina's impostor syndrome, but she will always be proud of her non-profit volunteer work. Christina was elected as a Member of the MIT Corporation, MIT's Board of Trustees. She is Co-Chair of the Board of Invest in Girls, bringing financial literacy education to underserved populations across the US. Christina also sits on the Board of Directors of The Financial Executives Alliance (FEA) Hedge Fund Group, drives entrepreneurship efforts at the MIT Sloan Boston Alumni Association (MIT SBAA), and served on the U.S. Non-Profit Boards Committee of 100 Women in Finance. Although "X Under X" lists are a gimmick, she'll admit that Forbes 30 Under 30 made a positive impact on her life by giving her a community - friends who dragged her out of bed during the lowest days of her life. Christina holds a Bachelor of Science in Management Science from MIT and is a CAIA Charterholder. Christina wrote a book about her many hedge fund mistakes, but is hesitating to publish it because she wants to spend her 30's out of the spotlight. If it ever gets published, you can sign up for a notification by visiting www.christinaqi.com Learn more about Christina LinkedIn: linkedin.com/in/christinaqi Twitter: christinaqi Website: christinaqi.com Shout-out: Today's Diversity Leader Shout-out goes to Tiffany Zimmerman, Senior Director, Invest in Girls Program Music: Vente by Mamá Patxanga is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License Amor Y Felicidad by SONGO 21 is licensed under a Attribution-NonCommercial-ShareAlike 3.0 International License --- Send in a voice message: https://anchor.fm/si-suite/message

"We additionally show that high fees paid for priority transaction ordering poses a systemic risk to consensus-layer security. We explain that such fees are just one form of a general phenomenon in DEXes and beyond—what we call miner extractable value (MEV)—that poses concrete, measurable, consensus-layer security risks. We show empirically that MEV poses a realistic threat to Ethereum today." __________________________

"We additionally show that high fees paid for priority transaction ordering poses a systemic risk to consensus-layer security. We explain that such fees are just one form of a general phenomenon in DEXes and beyond—what we call miner extractable value (MEV)—that poses concrete, measurable, consensus-layer security risks. We show empirically that MEV poses a realistic threat to Ethereum today." __________________________

In 1966, John Barker, a dynamic psychiatrist working in an outdated British mental hospital, established the Premonitions Bureau to investigate psychic visions. He found a network of hundreds of correspondents, from clerks to ballet teachers – including two unnervingly gifted “percipients”. The New Yorker's award-winning Sam Knight joins us with an enthralling true story of madness and wonder, science and the supernatural – a journal to the most powerful and unsettling reaches of the human mind. Sam joins How To Academy in-person on the 7 June in conversation with the author of The Big Short and Flashboys, Michael Lewis. Find out more and get your tickets at howtoacademy.com   Learn more about your ad choices. Visit megaphone.fm/adchoices

En este apasionante capítulo de PQNTHHC, Santi Siri y Hernán Zin analizan la noticia de que Algorand haya firmado un acuerdo con la FiFA para ser la cadena de bloques oficial del Mundial de Qatar 2022. También hablan de “learn to earn”, una práctica que empieza a pisar fuerte en los NFT y los metaversos. Y, en un sorprendente giro narrativo, terminan debatiendo sobre los impuestos que deberíamos pagar, o no pagar, por el uso de criptomonedas.Este episodio está patrocinado por:Bit2me. Billetera que os ofrece un bono de 5 euros al usar este código:track.bit2me.com/podlandY sus redes: @bit2meTambién por la tarjeta Lemon Cash, ideal para usar cripto en nuestras compras cotidianas.@lemoncash.appLibros mencionados en este episodio: “Flash Boys” de Michael Lewis, “The Contrarian” de Max Chafkin, “From Zero to One” de Peter Thiel.Una producción de POD LAND, la revolución del PODCAST.www.podland.com

Michael Lewis is the best-selling author of "The Undoing Project," "Liar's Poker," "Flash Boys," "Moneyball," "The Blind Side," "Home Game" and "The Big Short." His latest, "The Premonition: A Pandemic Story," is now available in paperback.

Dan Robinson is a Research Partner and the Head of Research at the VC firm, Paradigm. Paradigm was founded in 2018 by Coinbase co-founder Fred Ehrsam and former Sequoia Capital partner Matt Huang. Today with a $2.5 billion fund, Paradigm is one the most high profile and active crypto native venture firms. Some of Paradigm's investments include FTX, Coinbase, BlockFi, Maker, Uniswap, and Sky Mavis.Paradigm first hired Dan as a weird experiment of embedding a protocol researcher at an investment firm. 3 years later, Dan has built an industrial research organization within the firm. Giving Paradigm an incredible competitive advantage.Learn more about Dan and ParadigmDan's Twitter: @danrobinsonGeorgios Konstantopoulos's Twitter: @gakonstsamczsun's Twitter: @samczsunParadigm Website: https://www.paradigm.xyzArticles and Research Papers referenced in episodeEthereum is a Dark Forest - Dan RobinsonEscaping the Dark Forest - samczsunUniswap V2 WhitepaperUniswap V3 WhitepaperUniswap v3: The Universal AMM Research PaperLiquidity Mining on Uniswap v3 Research PaperAPE/ETH Liquidity pool impermanent loss - 0xfbifemboyTWAMM (Time Weighted Average) Research PaperPower Perpetuals (SQUETH) Research PaperRICKS (Fractionalized NFTs) Research PaperGradual Dutch Auctions Research PaperParadigm Foundry ToolkitIn this episode we discuss:How Dan went from Harvard Law School graduate to protocol researcherHow Dan was recruited by Matt Huang to ParadigmHow Dan built out the research team at ParadigmGeorgios Konstantopoulos kept showing up in their portfolio companiesWhat is the pitch to Georgios, samczsun, and other insanely talented people to join Paradigm?Issues with a CLOB:Very inefficient way to complete trades on BlockchainMarket makers typically make and close orders frequentlyWhat is Uniswap?What is an Automated Market Maker?Decentralized exchangeCentral limit order book (aka CLOB)Issues with a decentralized CLOB:Very inefficient way to complete trades on Blockchain. Market makers typically make and close orders frequently.What are the differences between Uniswap V1, V2, and V3?How is the price set in an AMM?New DEX concepts that still need to be exploredWhat is MEV (Miner extractable value)?Flash Boys 2.0Miners continuously bidding up the right to mine first, so they can extract the valueWhat is the downside of the miners maximizing MEV? Estimate over $500,000 a day.Could be a threat to proof of work mining.How does the research team work with portfolio companies?What are power perpetuals? SqueethWhat are NFT fractionalized primitives? FractionalHow the ultimate future goal for Paradigm's research team is build the next Bell LabsIf you liked this episode, you can find more episodes at wld.show!

On Monday morning Elon Musk filed a Schedule 13G disclosing that he owned 9.2% of Twitter Inc., which was a fun surprise. Part of the fun was that a 1... filed a Schedule 13G a fun surprisefiled a Schedule 13Dtweeted a poll joining its board of directorstweeting pollstalking to Twitterfor weeksfile an HSR notification13G13Dstandstill agreementstandstill agreement get in trouble famously did one got in troubleenforcement actionthe SEC allegesAnyway Nearer DefaultWall Street’s Green ShiftViolated Code of Conduct ‘Flash Boys’ ExchangeAvoid U.S. DelistingSell at the Right Timehacker victimsTruth Social Bridgewater CEOManure supplies run short Inspect Screwssubscribe at this linkhereSEC guidance

Those who've poked their noses into the world of value investing will recognize this term, but we're not talking about stocks.... we're talking about YOU and your training! In this episode we use the comparison of the 3 kinds of stock traders: "Flash Boys" (a la Michael Lewis's book) Day Traders Value Investors to help get across to the 3 different kinds of endurance athletes: Tech Geeks/ Super mathematicians Evidence Based Know Thyself And how through better self understanding of what kind of endurance athlete you are, how you can best guide yourself to better build in a Margin of Safety in your training, by training less, and focusing on the things that help you most. --- Support this podcast: https://anchor.fm/menachem-brodie/support

'Flash Boys': Swimming In The Dark Pools With The Sharks

Today you get to hear from Mark Noorlander, a start-up investor & serial entrepreneur, Co-founder at Flashboys - a blockchain studio, Unchained Carrot and Wizzle.io (fiat gateway and crypto payment solutions). After 10 years and a successful startup, he'd proven that focusing on customers was the key. When blockchain came along he took the same principles and applied them to help startups build solutions.Mark has personally advised around 100 ICO projects at the University of Bologna on blockchain technology.

In the second part of this episode, your hosts Louisa and The Fantastic Fo continue the conversation with Minou Bakana, a Congolese-Frenchman living in Hong Kong. Five years into Hong Kong life and Minou has made a home away from home through a group of close-knit friends and fulfilling his passions in music and food. A software developer by day, Minou spends his free time championing African music through DJing, and exploring all the delights of the Hong Kong restaurant scene in his hilarious and almost-erotic food blog. Bold, funny and insightful, join us in exploring Hong Kong through Minou's eyes. Be sure to follow us on Instagram: @homegrownthepodcast. You can also email us at homegrownthepodcast@gmail.com.If you liked this episode please subscribe and rate us on Apple Podcasts!--Notes and links from this episode:Minou's "almost-erotic" food blog: @lookadatfoodGuest Instagram: @minou4real  Recommended book: Flash Boys by Michael Lewis

Get into the head of best-selling author Michael Lewis. Hear about his writing process for his latest book, "The Undoing Project," the television shows he's binge-watching and the story that got away. (It still bothers him to this day.)

The Big Short, Liar's Poker and Flash Boys expose the culture of Wall Street trading works. The Blind Side, Coach and Moneyball explore the world of sport. For his latest book ‘The Undoing Project', Michael Lewis looks at the friendship of two Nobel Prize-winning psychologists, Daniel Kahneman and Amos Tversky. Matthew Sweet talks to Michael Lewis about his investigative methods and how this latest book fits into his interest in the psychology of sportsmen, bankers and risk takers. The Undoing Project is out now. Producer: Fiona McLean

Today Mark is joined by Paul Jiganti, Managing Director at IMC. They discuss: Paul's history in the options industry What is IMC? What is an options wholesaler? How IMC helps lower the barrier to entry Fighting to give the best price to the end user Taking a dive into the Flash Boys rabbit hole The evolving regulatory environment Incentivizing liquidity The perfect hedge And more

Hot Topics in Tech. Today we are featuring Alexander Lamb, Head of Business Development at The Technancial Company. Alex was previously a guest in March 2016. (You can access that episode here.) Risk Management and AI: effective or ??? Its penetration into the business world has brought with it new services which aim to help automate and speed up a range of activities, including financial risk management. Wall Street next tech frontier is hacking into emotions of traders. Banks have already set up big-data teams to harvest insights from the terabytes of customer information they possess. Now they are looking inward to see whether they can improve operations and limit losses in their biggest cost center: employees. Tech is driving consolidation in the exchange space. CBOE Holdings Inc., agreed to acquire Bats Global Markets Inc. for about $3.2 billion to expand into stocks, ETFs and currencies trading. Exchanges defeat appeal of U.S. high-frequency trading lawsuits - A federal appeals court on Friday rejected an investor's attempt to revive lawsuits accusing major U.S. exchanges of selling early access to market data to high-frequency traders, the subject of Michael Lewis' 2014 best-seller "Flash Boys." The Inbox: In which the listeners take control Question from Andrew Simmons: There is lots of acronym soup in trading tech. Two terms I have heard bandied about quite a bit are EMS and OMS. Can you explain these terms and maybe their similarities or differences? Question from JVigs: Are there any independent third party services I can use to analyze my margin and options buying power? This seems like a bit of a dark art these days in the options market. I do not really agree with the numbers generated by my broker and it would be nice to have some data in my corner. So much effort is devoted to trading in milliseconds but this important part of the market remains relatively untapped. Recommendations please. Great hit with Howard from StockTwits. Keep it up.

Trading Block: Earnings today include: JPMorgan Chase, Delta Air Lines. Legislation to impose financial transactions tax introduced. Clinton aims "Wall Street" tax at Flash Boys, not banks. Odd Block: Calls trade in ConAgra Foods Inc. (CAG), calls trade in HollyFrontier Corp (HFC) and calls trade in Credit Suisse Group (CS). Mail Block: Listener questions and comments Question from Dmitry: What happens to Leaps for tickers that get delisted before expiration? Question from Mark Davis: Hello, I am a new listener. There was a mention of using covered calls to generate a "dividend". I am having trouble tracking down more information on this. Being still new to all of this, I am hoping to get a clearer picture of how it works. How far out on expiration should I look at to figure the stock price? Thanks! Around the Block: Earnings on Friday include Citigroup, PNC Financial Services, US Bancorp, Wells Fargo

Trading Tech Talk 50: If You Cannot Beat Them, Comply Blatantly Hot Topics in Tech: Today we are joined by guest co-host, Mark Melin from ValueWalk Vesel, LLC and Trade Alert, LLC join forces to provide specialized buy side listed options messaging - FinTech Companies will use customized alerting system to notify buy side clients of option trades mirroring their individual Watch List. Is IEX battle nearing end as rival exchanges adopt their technology? by Mark Melin - Recent movements by rival exchanges, buttressed by the very public outreach of some firms participating in the IEX debate, have raised the specter that the IEX Exchange could be gaining momentum. SEC to delay IEX stock exchange decision until June: reports - Another day, another delay for the upstart "Flash Boys" trading venue that wants to be a stock exchange. As an exchange, IEX would not be fair, simple or transparent - Larry Tabb, Tabb Forum. The first exchange in the "cloud" - ISE announces first implementation of a securities exchange on Amazon web services cloud computing environment. Inside the nondescript building where trillions trade each day - Equinixs NY4 data center in the Secaucus, New Jersey. High-speed trading remains risky, by Sal Arnuk and Joseph Saluzzi - Is sponsored academic research a threat to our financial markets or an important innovation that benefits todays investors? The Inbox: Listener questions and comments Question from Angeman - How is HFT impacting the futures markets? Is it as prevalent as in stocks?

CTO Interview: Today we are joined by Haim Bodek, Managing Principal of Decimus Capital Markets, LLC. Haim founded Trading Machines and is featured in the book Dark Pools. Featured article: Vice - What led whistle-blower Haim Bodek to expose the biggest scam on Wall Street? He has said Flash Boys misses the mark, what did he mean by that? What are his thoughts on IEX? What changes do we need to do to make REG NMS more effective? Hot Topics: What is buzzing Tired of boogeymen portrayals, speed traders take to NYSE floor - Automated traders have an image problem. What better way to address it than to set up shop in one of the most iconic spots in global finance: the floor of the New York Stock Exchange. Citadel Securities and Global Trading Systems LLC recently agreed to buy NYSE floor-trading businesses. How prevalent and profitable are latency arbitrage opportunities on U.S. stock exchanges? This paper provides evidence that high-frequency traders have numerous opportunities to realize profits from latency arbitrage. CFTC signals retreat over "source code" repository The US futures regulator has signaled a willingness to back down on controversial proposals allowing it to freely access the source code of high-speed traders, following complaints that it could lead to sensitive intellectual property being revealed.

Hot Topics in Tech: CFTC too broke to properly police flash traders, Massad says -The top U.S. derivatives regulator said his agency needs more money to keep up with the Flash Boys. Cattlemen vs CME - Round 2. Cattlemen asked for numerous changes. IEX battle heats up - Citadel has been one of the most vehement objectors to IEX, and has filed three public letters and held three meetings with SEC officials to lobby against the application. Aquis Exchange to ban predatory high-speed trading - A start-up European share trading venue is aiming to reboot its fortunes by banning aggressive high-speed trading from its platform. High-frequency trader warns of potential market "catastrophe" - The head of one of the biggest high-frequency trading companies has warned that there are several faultlines in the structure of increasingly electronic, automated financial markets that could lead to a “catastrophe” in the long run. Blockchain Update: IBM Director declares 'We're all in on Blockchain" - John Wolpert gave a keynote speech covering the deficiencies in the approaches being taken by today's blockchain developers and why he believes a more collaborative approach is needed to bring the tech to market. Bitcoin outage - NADEX detailed a halt in trading of its daily and weekly bitcoin binary contracts, based on the so called unavailability of the price index that underlies the contracts. The Inbox: Listener questions and comments Comment from Tom, Henderson, NV - I live on the cusp of civilization out here, so I have no choice but to take a more position oriented view on trading. I am not saying that I want to be a market maker of HFT but how funny is it that today your location (or more appropriately your connectivity) dictates your trading style? Seems somewhat backwards to me. Question from N Filasco - I am over Blockchain. What is the next thing?

CTO Interview: Today we are joined by Eric Scharf, Director of Marketing, EOX Live. They discuss: What is EOX Live? The evolution of the nat gas market Going from phone calls to electronic trading What about spread trades And more Hot Topics in Tech: Cattlemen vs. the CME. IEX exchange quest spurs a "Flash Boys" fight with Citadel. Blockchain update: Security concerns, more money for startups and question from clearing firms. The Inbox: Listener questions and comments Question from Allanon - You discussed trading via smartphone in the previous episode. I think the real revolution will be trading via virtual reality. Can you imagine standing inside a swirling sea of quotes and literally picking you trades out of the air? Forget the GUI. It will all be about virtual user experience. Question from JVicks - What is the next market that will fall victim to predatory HFT?

Hot Topics in Tech: Russian hackers of Dow Jones said to have sought trading tips. High speed trading becomes US election issue. Regulators bring "spoofing" charges against a Chicago firm. UK start-up claims blockchain breakthrough in payment processing. Nasdaq eyes dark-pool surveillance market."Flash Boys" heroes ask for stock exchange status. The Inbox: Listener questions and comments Question from TCity - What is the status of the regulatory proposal to register Algo developers? Do you feel this has a good chance of being passed? Question from Tom M., Boca Raton, FL - Can you guys please discuss the net neutrality debate on your program and its possible ramifications in the trading world? Thank you for your excellent program even if much of it goes over my head. Question from A. Butler - Hello mark and team. I would like to submit a discussion topic for the trading tech talk program. Can you please discuss the benefits and drawbacks of AWS when it comes to financial services? It seems like AWS has become the backbone of many other industries but does not seem to get much mention in the trading space. Is this simply due to the somewhat slow adoption of cloud infrastructure in the financial markets?

Tren Griffin doesn't know the current stock price of Berkshire Hathaway and says Warren Buffett probably doesn't either. Day-to-day ups and downs in the market don't affect feasible, long-term investments. Value investing, traditionally known as buy and hold investing, approaches investing differently than most low fee indexes. It encourages rational thinking, interest based buying and finding the price mistakes in the market.  Early Bird pricing for the next Meet the Masters event is now available.   Key Takeaways: Jason's Editorial: [1:29] Orlando Property Tour & Creating Wealth Seminar coming up [3:06] What I like about Warren Buffett [4:37] Know this about the properties on our site [9:39] The Walmart documentary example [14:11] Every company has 3 primary audiences - suppliers, stakeholders & customers [16:00] Send me an email with good quality sitcoms! [18:06] Meet the Masters - Early bird pricing available now! [18:30] Dubai in February with the Venture Alliance   Tren Griffin Guest Interview: [19:35] Why write about Charlie Munger [20:56] 4 principles of value investing [24:11] Munger philosophy of decision-making [25:27] 25iq [26:34] The key to investing is to find a mistake - FOMO [31:40] Markets are difficult to predict in the short term [33:37] Aligning investments with interests [35:51] Are you willing to do the work required by value investing [37:38] The circle of confidence - become a specialist in one area [39:50] Munger/Buffett fundamental - Get Rich Slow [44:14] Berkshire stock never splits [46:12] Following Tren [48:03] You can have a life when you are a value investor   Mentions: JasonHartman.com Charlie Munger: The Complete Investor reviews@jasonhartman.com Venture Alliance Mastermind 25iq @trengriffin Flash Boys

In this episode, Mark is joined by Jason Lichten, Director of Equity and Listed Derivatives Trading Strategies from Wolverine Execution Services.   They discuss: Jason's take on Flash Boys and how RBC was portrayed (RBC is his former firm) What is Wolverine and what do they do? Market transparency in the equity and options markets Consolidation and simplification of the options market structure The cycle of market and liquidity fragmentation After-hours options trading What's coming from WEX in the near future?

Trading Tech Talk 16: Upgrade Dilemmas and Open Source Surprises Hot Topics in Tech: ICE conquest continues with SuperDerivatives acquisition. Wall Street firms push back against Bloomberg's dominance in instant messaging.  Dark pool volume not impacted by bad press, regulatory fines & pending litigation. ParFX trials high-speed market makers on their trading platform. Doubts raised over global forex platform. Korea reveals derivatives safety measures. No rush to upgrade OMSs among sell-side firms. TABB Group jumps into best ex fray with clarity.   The Inbox: Listener questions and comments Question from Jerry - I was surprised to learn recently that Goldman Sachs is using open source software for many of their trading systems? Do you guys find that as surprising as I do particularly in the wake of Flash Boys? Question from Simtech - Most tech startups talk about getting to a minimum viable product. Can startups and firms in the financial technology space even do that, given all of the regulatory and compliance hurdles in place? They essentially have to launch with a finished products that is ready to go. Does that place an unfair burden on startups in the financial space?    

Options Insider Radio: A Year in the Life at BATS In this episode, Mark is joined by Jeromee Johnson, Vice President of Market Development and Head of Options at the BATS Exchange. They discuss: A year in the life of the BATS Exchange BATS + Direct Edge Where are growth opportunities? Will there be a second BATS options exchange? Complexity and fragmentation, and the consequences thereof What happens if exchanges offered different levels of pricing? Flash Boys and the myriad mentions of the BATS Exchange And much, much more

Trading Tech Talk 12:  The Markets Are Out of Sync Hot Topics in Tech: Regulators challenged by clock synchronization. Flash Boys continues to spur debate and some change, though the government will ultimately have to address the stock market's structure. Thomas Peterffy, one of the founding fathers of high-frequency trading, has offered the SEC a plan to keep HFTs from taking advantage of investors. Warren Buffett, business partner Charlie Munger, and Bill Gates slammed HFT on CNBC.  They are no fans of high-frequency trading. Both brokers and investors are testing new ways to cope with the sheer volume of data the stock market produces. Goldman Sachs fined in dark pool debacle. It's not just the U.S. - Bombay Stock Exchange halted by network glitch.     The Inbox: Listener questions and comments Question from Hawkeye - Just wanted to share an observation. You guys have been saying that the HFT latency issues have not hit the options market, but I have been seeing otherwise. A couple weeks ago, I was trying to add some back month Oct slightly OTM VXX puts (-30 delta - they were not THAT far OTM) to add some contango protection to a spread position. The bid asked spread was about .40 cents wide so I split it with my limit order thinking I would have a reasonable chance of getting filled as the market moved around. (I use Tradestation, a direct access broker.). It showed that Tradestation auto-routed my order to the NASDAQ. It sat for a while without being filled, I happened to look at the market depth screen and sure enough, a bunch of other bids from other exchanges were showing with timestamps slightly ahead of my order. I cancelled and all the other bids backed down to where they were before I placed my order. I entered it again, same thing. I cancelled again, they moved back. Then I reentered the same bid, this time I specified it route to BOX, which was the one that went first in the queue the other times. Sure enough, I was first in the queue this time. This is where the retail guy gets screwed. The market makers do not seem to want to make a real market, but they are more than willing to block me from getting filled if someone else were to come in with a bid at my price. The other way we seem to get screwed over when I correctly pick a position and the underlying goes significantly my way, but the market makers decide that they only want to move one side of the spread. I end up looking to get out but the market is bid something stupid like bid 0.75, at 1.50 whereas when I got in when it was bid 0.52 at 0.58. I only trade penny pilot symbols with good option volume. I never buy in front of an implied volatility crush. Yet, this sort of action seems to happen way more often than it should. I just want the damn market makers to make an honest market. They want to be market makers but don't want to make markets. Thoughts? Love the shows. Hawkeye Question from Elsa74 - Hello tech stars. Like the new direction for the network with this program. It's about time someone tackled trading tech on a show and Options Insider Radio Network is a great place to do it. Great guests so far, particularly Blair Hull. That guy has a lot of insight into the markets. I am looking forward to the next guests on the program. Now for my question. It might sound strange but I would like to know if the hosts think trading tech may have gotten too good. The options market is a good example. The recent mergers of brokers like Options House and Trade Monster was driven in many ways by the fact that they need to spend millions to keep their platforms cutting edge and they simply cannot afford it. They need economies of scale to be viable and continue to offer that level of functionality to the consumer. Do you think options customers are hurting ourselves by demanding too much from our brokers and therefore driving them out of the business - depriving ourselves of choice at the end of the day? I personally would much rather have a dozen brokers to choose from with different platforms rather than two or three monoliths controlling the entire business. Thanks again for this insightful program. Any chance we're going to see a weekly TTT going forward? Question from Indigo: You have said on the program several times that dark pools do not exist in the options market. Why is that? Is there some technical limitation preventing dark pools from launching in the options market vs. the equities market?

Introduction: John Lawrence Allen is a securities litigation attorney helping investors recover funds lost through investment fraud or incompetence. He's a former Los Angeles Deputy District Attorney and author of the new book, “Make Wall Street Pay You Back.”  Allen talks about the dirty tricks Wall Street plays and how average people can protect themselves from Wall Street. Allen also gives some tips for investors before they invest a large sum of money with an advisor or hedge fund. He also shares how financial advisors can mitigate their risk of fraud.   Key Takeaways & Time Stamps: (2:20) John Lawrence Allen: background and history of latest book (3:06) How Wall Street and the investment landscape have changed over the last 20 years (4:06) On the arbitration process (7:34) On the laws not being in favor of the consumer (11:34) A brief message from Bill Clinton (12:13) Causes of action: fraud, incompetence, etc. (17:00) The extraordinarily high commissions on life insurance sales (19:11) How does the investor know what fees are being assessed by financial advisors? (22:08) The length of the FINRA arbitration process (22:55) On “simplified arbitration” for small claims (24:58) Discussion of other types of fraud, beyond incompetence and excessive commission (30:20) Discussion of a managed future deal Jason was pitched on (33:30) Some tips on buying gold: always invest in bullion, never numismatic coins (38:12) Who claims are usually made against (39:42) Jon Corzine, MF Global, & the Insider's Game (44:19) Bad monetary policy forces people to take inappropriate risks (45:03) Closing statements   Links: www.MakeWallStreetPayYouBack.com. www.Amazon.com to purchase the book: Make Wall Street Pay You Back Find out more about John Lawrence Allen at www.myinvestorfraud.com.   Bio: Former Los Angeles Deputy District Attorney John Lawrence Allen represents investors nationwide in securities arbitration. Mr. Allen spent seven years working for two major Wall Street firms and was chief investment officer for two hedge funds. Mr. Allen pens a blog on impactful subjects that affect all of us and is a respected legal expert who provides insightful commentary on national TV, radio and print.   Audio Transcription: ANNOUNCER: Welcome to Creating Wealth with Jason Hartman!  During this program Jason is going to tell you some really exciting things that you probably haven't thought of before, and a new slant on investing: fresh new approaches to America's best investment that will enable you to create more wealth and happiness than you ever thought possible.  Jason is a genuine, self-made multi-millionaire who not only talks the talk, but walks the walk.  He's been a successful investor for 20 years and currently owns properties in 11 states and 17 cities.  This program will help you follow in Jason's footsteps on the road to financial freedom.  You really can do it!  And now, here's your host, Jason Hartman, with the complete solution for real estate investors.   JASON HARTMAN: Welcome to the Creating Wealth Show.  This is your host, Jason Hartman, and thank you so much for joining me today.  We'll be back with today's guest or segment, in just a moment.   [MUSIC]   JASON HARTMAN: It's my pleasure to welcome John Lawrence Allen to the show!  He is a securities litigation attorney, helping investors recover funds lost through investment fraud or incompetence.  He's a former Los Angeles Deputy District Attorney, and the author of a new book, entitled, Make Wall Street Pay You Back.  And of course you know over the years I've said with some degree of sarcasm, that Wall Street is the modern version of organized crime, and my Commandment #3 for successful investing is, maintain control, because when you don't maintain control, you leave yourself susceptible to three major problems.  Number one, and we're gonna address that during the interview with John today, you might be investing with a crook.  Number two, you might be investing with an idiot.  And so we'll address those two.  And number three, even if they're honest, even if they're competent, they take a huge management fee off the top for managing the deal.  So, we'll kind of dive into this.  John, welcome.  How are you?   JOHN LAWRENCE ALLEN: I'm good.  How are you today?   JASON HARTMAN: Good, good.  Well, it's great to have you.  And just to give our listeners a sense of geography, where are you located?   JOHN LAWRENCE ALLEN: My office is in White Plains, New York.  I used to have an office in California and midtown Manhattan, and I've now moved out to the Connecticut countryside to work in White Plains.   John Lawrence Allen: background and history of latest book   JASON HARTMAN: Fantastic.  Well, tell us about your background, and how you came to write the book.   JOHN LAWRENCE ALLEN: Well, I wrote my first book, Investor Beware, 20 years ago.  And that was—actually, more than 20 years, I guess it's been now.  Almost 25 years ago.  And that was the result of having been in the industry.  I spent 7 years on Wall Street, and I invented an arbitraged [unintelligible] program.  That's how I went into Wall Street.  And I got very, very dissatisfied with the [unintelligible], and the outright unethical activity I saw around me.  And it got so bad that I quit, and I wrote my first book, Investor Beware, to help people protect themselves from the way Wall Street operates.  But over the last 20 years, the entire investment landscape has radically, radically changed.  And the entire way brokers do business has changed.  And if investors aren't aware of these changes, they may very well end up becoming victims of the Wall Street community.   How Wall Street and the investment landscape have changed over the last 20 years   JASON HARTMAN: You know, when you say those changes, I don't know what you're referring to, so I'll have you tell me.  but is one of them—one way that I think large corporations really oppress people, is through the commercial arbitration act.  And I know so many years ago in the 90s, when there was a lot of securities fraud in the news—of course, that seems to be an ongoing issue, of course.  And, you know, a lot of people have lost money in the stock market.  They made some new rules—I don't know, you know, exactly which agency that came out of.  Maybe it was the FCC, or FINRA, I didn't mean to say FCC, did I say that?  The SEC, the Scoundrels Encouragement Commission, as it's been called.  But it is—is that arbitration?  Because arbitration, really I think takes away people's rights quite a bit.   On the arbitration process   JOHN LAWRENCE ALLEN: Well, that's an interesting—there's two sides to that coin.  Yes, they take away people's rights.  And people don't know it, but if you have a problem with a broker dealer—that's, you know, any licensed firm that buys and sells securities for you—if you have a problem with the representative who works at a broker dealer, when you sign your contract with them, you waive your right to a court trial or jury trial.  That means, you don't get to be in front of a group of your peers, you don't get to have any of the help that you would get in a court room, or in a civil or jury trial.  That's the negative side.  But there's a positive side to it.  The positive side is, you're gonna go into arbitration, which is significantly less expensive, significantly less time-consuming, and far swifter justice than you could ever get in a court.  Let's say you win a court case, and what's gonna happen?  Well, the arbitration—not the arbitration.  Securities firm is going to appeal that matter, and you're gonna get stuck in court for another couple of years.  On the other hand, if you go to FINRA—Financial Industry Regulatory Authority arbitration—you're gonna be in front in a case of $100,000 or more, three arbitration judges, who are gonna rule very quickly, and you're gonna have a result very quickly.  And if you win, they have to pay within 30 days.  You don't have any of the problems of collecting, or appeal, or the lengthy process that's involved in the court proceeding.  And there's one more positive, I find, in arbitration.  That is, if you get into a complex securities case, there are complex issues and facts that the average juror really can't grasp that well.  But these arbitrators are usually business people, and they have a business background, and they understand wrongdoing when they see it, and they're not afraid to make an award.  The one thing that is difficult is to try to get punitive damages.  That's very difficult arbitration.  I've attained it more than once, I've gotten it, but it's a difficult road to go, to try to get punitive damages.  And lastly, you don't have to get bogged down in a motion practice where a wealthy brokerage company with an unlimited pocket can paper you to death with motions and motions to compel and sanctions and hearings and depositions and request remissions and all the discovery stuff that goes on.  None of that's allowed in arbitration.   JASON HARTMAN: I mean, I've been in arbitrations.  They have depositions though.   JOHN LAWRENCE ALLEN: Not in federal arbitration.  For securities cases.  Yes, in civil arbitration, but if you go into a FINRA arbitration, there are no depositions, there are no request remissions, there are no interrogatories.  You can do a document request, but it's very limited, which means that you're gonna save a great amount of time and a great amount of expense, and a great amount of heartache.  So, all in all, oddly enough I actually—when I started, I didn't like, or I perceived not to like, the arbitration process.  But now that I've done it for so many years, I think that it's a good methodology to get swift justice.   JASON HARTMAN: Okay.  Well, I don't want to belabor that one, because it'll take away from sort of the crux of our discussion, but it's good to hear your point of view on that.  So, the thing you were saying, in terms of the laws not being in favor of the consumer, in this case the investor, is no jury trial, and what was the other one?   On the laws not being in favor of the consumer   JOHN LAWRENCE ALLEN: No court trial.  No judge—   JASON HARTMAN: Okay, no court trial at all.  So, arbitration.  But, were there any other things you wanted to mention there, before I got you on this tangent of arbitration?   JOHN LAWRENCE ALLEN: Well, I just—I think that the cost effectiveness is so overwhelmingly in the—you know what it does?  It puts you on an even footing with someone who has an unlimited budget, which you can't do in litigation unless you're willing to spend the money to ante up.  But in arbitration, you're on an equal footing with your opponent.  And if you have a competent, skilled, highly qualified and knowledgeable attorney who knows the ins and outs of FINRA arbitration, you've got a long way towards getting your money back.   JASON HARTMAN: So, that may be different—and again, I don't want to belabor this arbitration point too much, because there's other issues, of course.  But, it sounds like it's better, with a FINRA situation, for people that have been defrauded, just lost money because of incompetence on Wall Street.  But in a typical arbitration, those arbitrators—I think, I'm pretty sure, they really lean toward the person who put the arbitration clause into the contract, because they view them as repeat customers, and we'll call it part of the vast Wall—the vast arbitration conspiracy.  It blows my mind that AAA, the American Arbitration Association, is actually a nonprofit organization.  The fees are enormous.  And we all pay taxes to have a public court system.  And listen, I'm no fan of prolonged litigation, or litigation at all, but gosh, why do you have to pay for a private court, which in the typical arbitration, probably not FINRA, with what you explained, acts, in my opinion, as a bit of a kangaroo court—especially the fact that these things are confidential.  And you get these real estate developers that develop these condo properties and so forth, and you know, they all put arbitration clauses in their contracts.  And you can't do a litigation search on them before you, say, buy a property, to see if they're a bad apple, if they've been sued by hundreds of investors!  It's all hidden from public view.  And that just makes me think of a Third World, Banana Republic country where they've got these kangaroo courts, and you know, our whole system is based on transparency.  At least that was the original idea of it.  So, that's my bone to pick with arbitration.   JOHN LAWRENCE ALLEN: Well, you raise a good point.  And I would tend to agree with you.  Up until a couple years ago, arbitration had two panel members that were public, and one who actually came from the industry, and it was in many cases biased in favor of the arbitration people, meaning the broker dealers.  And I think the statistics, not from me personally, but the statistics generally bear out your concerns.  People don't do all that well in arbitration.  They win about half their cases, and of the cases they win, they win about half the money they got back.  So, I don't put that as good odds.  That's not been my experience, but I am very selective in the cases I take, and I put in a great deal of time to win these cases.  I understand that you're not gonna get money from three business people unless you can find a way to emotionally connect your client with them.  if you can't find a way for them to care about your client, they're not gonna give you anything back.  But if you can find a way to develop the cast to find an emotional connection—something that touches them, they're gonna be far more willing to knock the arbitration—when I say, to go after the broker dealer for fraud.   JASON HARTMAN: Let me take a brief pause; we'll be back in just a minute.   A brief message from Bill Clinton   BILL CLINTON: Hi.  This is Bill Clinton, and I want to invite you to hang out with my friend, Jason Hartman, in my hometown of Little Rock.  Jason and his interns, you know I like interns, are having his famous Creating Wealth Seminar and Property Tour here!  So drop everything, including Hillary, and go register at www.jasonhartman.com, right now.  This event is coming up soon, but, as I like to say, it depends on what the meaning of the word ‘is' is.  See ya there.   [MUSIC]   Causes of action: fraud, incompetence, etc.   JASON HARTMAN: Let's talk about what are some of the causes of action.  I mean, of course fraud is one of them.  But you also mentioned incompetence, and when someone has a securities claim, whom is the claim directed at?  You know, you've got the advisor who works at Merrill Lynch, which in my opinion, or whatever firm, I'm just saying Merrill Lynch because they're big.  But they can work at any firm; Ameriprise, Merrill Lynch, whatever, okay, and I tend to find those advisors are usually just slick salespeople who wear nice suits, okay?  Nothing more than salespeople.  They have cursory knowledge.  Very little real depth of knowledge, usually.  Of course I'm making a generalization here, and I apologize to those smart, great, ethical good brokers out there, because there are some.  But you've got the broker, you've got the investment banker, you've got the firm.  Who are you really—you've got the company.  There are so many layers to this.   JOHN LAWRENCE ALLEN: Well, let's talk about that for a second.  People don't know that you can hold a brokerage firm and its registered representative—that's the stock broker who provides you with a recommendation—for giving bad advice.  People think, well, that doesn't sound right!  If he gave me bad advice?  I mean, if I get advice, and the stock doesn't do what he thought, how can he be responsible?  And the corollary, or the answer to that, is this.  Under the FINRA guidelines, and the Securities and Exchange Commission guidelines, brokers are required to know your risk tolerance, time horizon, financial goals, and anything that can affect your capacity to invest.  That means if you're employed, unemployed, medical problems, but mostly, what they have to do is they have to match the correct product with your goals, objectives, risk tolerance, and time horizon, so that they make a recommendation that's suitable for you.  So, if you're 35, and have a good job, and you want to take some risk with having 70, 60, 75% of your money in the stock market, probably not bad.  The opposite of that is, what if you're 65 or 70, and you're retired, and living on your retirement assets, it would not be appropriate for a broker to recommend that you buy a highly speculative stock, or that you have 70 or 80% of your investments in equities, and stocks!   JASON HARTMAN: They seem like they do a pretty—I mean, I'm sure there are brokers out there that do that kind of stuff, but it seems like they do a pretty good job of making all the appropriate disclaimers, and you gotta sign a mountain of paperwork that of course is all written in their favor, and has a zillion disclaimers, and a lot of legalese—I mean, don't they pretty much cover themselves on that type of stuff usually?   JOHN LAWRENCE ALLEN: The paperwork covers them perfectly fine.  But that doesn't relieve them from their obligation.  A broker that makes a recommendation to a customer has a fiduciary duty to that customer to put the customer ahead of the broker.  So, let's say I have a client who wants to make an investment of a couple hundred thousand dollars, and I want to put them in what quote is a suitable investment, based on what they've told me about themselves.  Unless they put it in a suitable investment, I can make, let's say, $200,000 investment, maybe I can make $100, $150 in fees.  However, if I put them in something that the brokerage company is promoting, or pays a double commission, or is highly speculative, I might be able to charge them significantly more.  Let's say $1000.  So, if I can make $1000 on a improper or unsuitable investment, and $100 or $200 on one that's suitable, that puts in kind of a trap for the broker to say to themselves well you know, I'm really gonna forgo that extra 800 bucks I'm gonna make on this transaction and do what's right for my client.  How many people have the ethical and moral heart to do that?   The extraordinarily high commissions on life insurance sales   JASON HARTMAN: Not a lot of people, certainly on Wall Street.  Not a lot.  And you know, when you say that, it reminds me of two investments that are really just laden with heavy commissions, from what I understand.  One of them is oil and gas, and another is life insurance.  The fact that life insurance is even kind of promoted as an investment bugs me in some ways, although the needle might be moving a little bit, for me, on that.  But still, I just think it's insurance.  You know?  But those—I mean, some of these things have extraordinarily high commissions.  I mean, I'll give you an example of one.  One time a life insurance guy came into my office, and he wanted to market his life insurance products as an investment to my investors in my real estate firm.  And he slapped down literally a copy of some checks that he earned on some policies that he sold.  And one of them was like a $7 million life insurance policy.  And I'm not gonna get this exactly right, because I don't remember, but the check was for like $250,000.  I mean, it was insane, how—he says, look, I could split this with you.  I'm like, well don't I have to have a license or something?  And he says, well, there's a way around that.  We'll reclassify the fee.  And obviously I didn't do any deal with him, but I mean, some of these commissions on these things are just extraordinary.  On these oil and gas deals?  I hear that some of them are like half of the investment amount!  You know, if they get an investor to put $100,000 into some oil and gas deal, the salesmen will make 50 grand!  Whoa!  That's crazy!   JOHN LAWRENCE ALLEN: Yep.  That's true.  And in fact, if you want to go back a little bit further in time, there was a period in the late 80s and middle 90s where Prudential [unintelligible], which, you know, the rock solid, sold 400,000 of its customers $8 billion in phony partnership deals.  And those deals, they were making 30, 35, and 40% off the top before the customer saw a single dime.   JASON HARTMAN: Unbelievable.  That's just—that's just crazy.  So, is—so, okay.  So, the broker, or the investment advisor, with a registered rep—I don't know exactly what to call them—but, they steer the investor into something that's not as good for them, that obviously pays them a higher fee.  Right?  So, that's one form of—that's one actionable thing.  Now, how is the investor ever going to find that out though?  How does the investor know what the menu of fees is for the things that that advisor has to steer them into, available to them?   How does the investor know what fees are being assessed by financial advisors?   JOHN LAWRENCE ALLEN: Well, that's a very tough question.  And that's a very good question.  And the reason is because on a lot of these products that they're selling a product, the commission's in the product, and the customer will never know.  So, on that $200,000 example, if the broker makes $5000, you know, a 2½% fee, and that's in the cost of the $200,000, that means that really 195 of your money actually ever went into the investment.  And there's no way you can know, unless you read the prospectus, or you ask the broker.  They're certainly not gonna volunteer and tell you, oh yeah I'm gonna make 5 grand on this break.  And also, that also happens on principle transactions.  If you ever buy a stock or a bond, most bonds are sold on principle transactions.   JASON HARTMAN: What is a principle transaction?  What does that mean?   JOHN LAWRENCE ALLEN: A principle transaction is where there's no commission charge.  The fee is in the price of the bond.   JASON HARTMAN: Alright.   JOHN LAWRENCE ALLEN: So, as an example, if I call up my broker and say, you know, I want to get a 10-year bond, and let's say you can get a 10-year bond for 2.3% return per year over the 10 years.  So, you buy the bond with this 2.3%.  You don't know what the brokerage firm picked that up for.  Let's say they picked it up for 2%, and they charge you 2.3.  That difference in that spread is an enormous markup.  It could be many thousands of dollars.  So you just don't know in a principle transaction, and that's another way brokerage companies can—in fact, I've gotta case right now, I have a lady who had a very, very, very substantial portfolio, many millions of dollars, and she was charged over $3 million in markups and fees on bond transactions, and she never knew it, over the course of a 6-year period.   JASON HARTMAN: Wow.  Wow.  So, $3 million in fees and markups on what—   JOHN LAWRENCE ALLEN: On municipal bond transactions.  The safest most conservative of all transactions.   JASON HARTMAN: Right.  Yeah, right.  And I'll tell you something.  If you ask me, a lot more municipalities are gonna be filing bankruptcy in the future, because there are so many of them underwater.  Of course we've seen that with Detroit, Vallejo, California, some others.  But very interesting.  So, $3 million in fees—that is unbelievable!  What was the principle investment though?  I've gotta have some comparison.   JOHN LAWRENCE ALLEN: She had $30 million in municipal bonds.   JASON HARTMAN: So, 10%.   JOHN LAWRENCE ALLEN: In a laddered portfolio that never should have been touched, that had never been—not that—there should not have been any transactions, and in 6 years they traded $120 million with the bonds in her portfolio.   JASON HARTMAN: Unbelievable.  That's just insane.  So, she's in process, right?  Did you recover for her yet?   JOHN LAWRENCE ALLEN: We're in the arbitration process now.   JASON HARTMAN: How long does that take, when it's a FINRA arbitration?  What's the length of that process?   The length of the FINRA arbitration process   JOHN LAWRENCE ALLEN: Somewhere between 11 and 14 months, on average.   JASON HARTMAN: Okay, alright.  And, what is the amount of money—I mean, obviously that's a large client with some big money you're talking about, in terms of the investment size, and the investment losses.  But, how much does someone need to lose in order to make going to a FINRA arbitration worth it?   JOHN LAWRENCE ALLEN: Well, that's a good question.  I would answer that in twofold.  First of all, anybody that wants to seek help should only hire an attorney that would be willing to work on a contingent fee so they don't end up spending a lot of money trying to get back their losses.  That's item one.  Two, there are different levels of arbitration.  FINRA, within the last year and a half, has established a new type of arbitration called small claims.  They call it simplified arbitration.   On “simplified arbitration” for small claims   JASON HARTMAN: Oh, that's great.  Like small claims court kind of idea.   JOHN LAWRENCE ALLEN: Kind of, but a little different.  And that would—for FINRA, small claim is any loss below $50,000.  And if you have a loss below $50,000, you don't—and you go into this simplified arbitration, you don't even have to appear at a hearing.  You submit the entire claim, on paperwork; the respondents, the broker dealer, file an answer, and one arbitrator makes a ruling without you ever having to appear.  So it saves you testimony, litigation cost, travel expense, hearing fees, expert testimony.  It's all done in the pleas.  Now, you don't have to do it that way.  If the case is $50,000 or smaller, you have a one party, one arbitration chairperson, that's it.  You don't have a panel of three.  You have a panel of three above $100,000.  So really, I would say anybody that loses $10,000 or more, even $5000 or more, it's certainly worth it to pursue it.  I don't think you'd probably get many attorneys to handle a $5000 case.  But I've developed a methodology to help people with cases between $10 and $50,000, which is on my website, and I take them into the small claims arbitration process, and the whole thing can be done for very, very little money, and the best part is, unlike regular arbitration, small claims are usually resolved in 7 months or less.   JASON HARTMAN: Excellent.  So give out your website if you would.  That's a great resource, thank you.   JOHN LAWRENCE ALLEN: Well, my website is the same as my book; the book is Make Wall Street Pay You Back, and the website iswww.MakeWallStreetPayYouBack.com.   JASON HARTMAN: www.MakeWallStreetPayYouBack.com.  And you've got the small claims information on there, which is fantastic.  But then also, for larger losses, they can hire you, or another attorney?   JOHN LAWRENCE ALLEN: Correct.   Discussion of other types of fraud, beyond incompetence and excessive commission   JASON HARTMAN: Okay, good.  So, talk to us more about some of the other types of fraud out there.  there's incompetence, there's, I guess I'll call it steering to the product that pays the highest commission.  What else is there?   JOHN LAWRENCE ALLEN: Well, beyond the suitability issues, which are very numerous, and that expands a lot of things that brokers might do.  They might put you in—there's an example, as I said before, if you're 70 years of age, you probably shouldn't be in a 75% stock portfolio.  On the other hand, if you're 75 and they put you on 100% in one investment, and over-concentrate you, that's not correct, that's not suitable either.  So, it really doesn't matter what age you are.  if a brokerage company takes all your money and puts it in one investment, that's clearly unsuitable, because if that investment goes down—even Apple, as an example.  People do fabulous in Apple, but Apple also had, about six months ago, a 300-point drawdown.  And if you had all your money in Apple, you're hurting!  So, that's another thing they do.  Also churning.  Churning is where a broker makes excessive buys and sells in your account, without an interest in making you profits, the broker's interest is in getting as many commissions as they can from your account.  And what's interesting is in a churning case, you could actually—I've had cases in churning where the client never knew the account was churned, because they didn't lose any money!  The account was churned for a couple years, they ended up—you know, the stock market was up 30% over a two-year period and their account was flat.  They couldn't understand why.  And when I dived into it, I found out, well, it was flat because $200,000 in commissions were paid over that period, and if you hadn't had the $200,000 in commissions, you would have been up 200 grand, and you would have been up pretty much where the stock market was.  So, if a broker exercises control over the account, and buys and sells excessively to generate commissions, they churn your account, and that's actionable.   JASON HARTMAN: So, in other words, you don't have to have actually lost money in the aggregate.  You could still have an investment.  Your portfolio could still be up.  But just because of the malfeasance of the brokerage firm, or the individual broker, you could have lost money through churning—now, the churning thing, is that as big as a deal anymore?  Because it seems like the industry has moved to a model of managed money, where all they're really doing is, you give them $100,000, and they're charging you, you know, 2% a year, or whatever the number is.  And you're not really paying for trades.  But, one of the scams is, a lot of times, you're paying in multiple layers!  So, you'll give the guy sitting at Merrill Lynch your $100,000, and he'll say, well, I'm gonna charge you 2% a year, or whatever the number is, and so, he doesn't make money on churning per se, but then what he does is he goes and he puts your money into a bunch of other funds like mutual funds where they're making money inside that fund too, because of all these management fees.  I mean, that's just, wow.   JOHN LAWRENCE ALLEN: Well, you're absolutely correct.  And that is—and that's one of the things I had to cite in the book.  The methodology on Wall Street has shifted from a commission-driven business to an asset-gathering business.  So, the churning claims are down dramatically.  They're not out.  And the reason they're not out is because there are products called managed futures.  And most of these managed future products really don't exist to have the customer make money.  They exist for the broker dealer to reap huge commissions from buying and selling at a high velocity commodities.  And, what's interesting about these managed futures, is most of them have a program in which, let's say you give somebody 50 grand.  And let's say they have a hot hand and their managed commodity accounts have doubled, and you go up from 50 to 100,000.  The prudent thing to do would be to pull your 50 out and play with their money.  But that's not what they do.  What they do is, if you go to $100,000, they merely double the amount of contracts they're trading, so they can generate double the commissions.  So, if you had a $50,000 account, and you were doing, let's say, five contracts in a trade, and you now have $100,000 account, they double that, they go to 10 contracts.  Let's say you make an incredible profit, you go to $200,000. Your 50 has grown to 200.  Well, you're now gonna go from 5 to 20 contracts.  Which means that even the smallest move, after those enormous profits, will wipe out all your gains in a very short time.  Classic example of that is long term capital, which made 30, 35, 40% a year for three years, and then in six weeks, wiped out not only all of the gains, but the $4.5 billion that was still there.  Totally wiped it out when the commodity markets went the wrong way.   Discussion of a managed future deal Jason was pitched on   JASON HARTMAN: Wow, unbelievable.  Hey, can I run something by you that I was pitched on?  I actually had the guy on one of my shows, and it sounded pretty good…it's a managed future deal, and I just wanted to see what you thought of it.   JOHN LAWRENCE ALLEN: Sure.   JASON HARTMAN: I didn't do this investment; at least not yet.  But, the guy was pretty convincing, I have to tell you.  And so, he works in Chicago, and you know, is on the floor of the exchange there, and the big pitch is that Japan, which most of us know is massively in debt, the whole country is just in a mess.  I mean, the US is too, but the US has the reserve currency, and you know, some different circumstances, obviously.  And the pitch is that Japan will default on their debt, and what you should do is over a 5-year plan, with a $30,000 minimum investment, let me buy options on this debt, that it'll default.  Let me short the Japanese debt.  It's just saying, it's gonna default at some point.  And there will be what's called option decay.  Now, granted, I don't have a big understanding of this.  I'm just a consumer.  But there's something called option decay, and as the option decays, what he's basically doing is over the course of five years, using $500,000 per month of your $30,000.  I think—I don't know the math on that.  Yeah, 60 months.  500 a month.  To pay for option decay.  But at some point in that 5 years, there's gonna be a default, and you're gonna win, you're gonna make money.  That's the prediction.  Of course it's a prediction.  What do you think of that?   JOHN LAWRENCE ALLEN: Well, that's a long-term bet, and I guess the thing I'd be most concerned about would be, do they have the—I presume this is not an exchange-traded fund?  If it doesn't trade at any known stock exchange or commodity exchange, you have to worry about the counterparty risk of the person, should they do what they claim it's gonna do, are they gonna be able to pay you?  And a lot of these counterparty risk cases that have come up during the 08, 09 crisis when a lot of off-market contracts were traded, and they couldn't make good when the unlikely event occurred, like AIG, which was betting on collateralized debt obligations, they said, oh, no country's ever gonna go into bankruptcy.  No, we're not really gonna have to worry about that.  And lo and behold, Greece goes into bankruptcy, and AIG almost went under!  Took us close to a trillion dollars to bail out AIG, which I think was a big mistake.  But there was a counterparty who couldn't pay!   JASON HARTMAN: Maybe the concept is a winner.  Maybe it actually works.  But then the counterparty just defaults, and they can't pay you.   JOHN LAWRENCE ALLEN: Yeah, that's why I try to stick with anything that's exchange listed.  So then at least I know they're going through a well known New York stock exchange, the COMEX, the NASDAQ, and there's some third party who's trying to make sure that they're gonna honor their margin requirements.   Some tips on buying gold: always invest in bullion, never numismatic coins   JASON HARTMAN: Good.  Okay, good point, good point.  Okay, what else should people know?  Do you want to talk about any other types of investments?  I mean, maybe you want to mention just quickly maybe gold?  I know that that's not a huge market, but we touched on oil and gas.  If, you know, you want to mention any other alternatives.   JOHN LAWRENCE ALLEN: Well, I think for gold, my suggestion would be, anybody who wants to invest in gold, I don't have a problem with them investing in gold.  I do have a problem in how they do it.  I don't think anybody who wants to own gold should ever use leverage, options, or margin.  They should only buy it for cash.  They should take delivery, they shouldn't allow any third party to store their gold, and they should only buy gold from a reputable dealer who's been in business over 10 years, and then finally, only gold bullion, not numismatic coins which are supposed to have great asset value.  And when I say bullion, I mean a Canadian maple leaf, an American gold eagle, you know, a South African Kruger rand, an Austrian krone, some well known gold bullion that's difficult to make in a, what I would call a forged or dishonest way.   JASON HARTMAN: Right, right.  A lot—the scams and the numismatic market are rampant, and every gold dealer, when you call them up, you know, a lot of times they're advertising on the radio, and they're promoting the concept of gold or silver or platinum or palladium, and they're talking about bullion.  But when you call them, they try to up sell you to numismatic coins, because they're just much higher margins.   JOHN LAWRENCE ALLEN: Tremendous, tremendous margins.  You're talking sometimes 30, 40% margin on a numismatic coin.   JASON HARTMAN: Right.  But you know, that's not a security necessarily.  I mean, are you talking about—see, I think the only way someone should invest in gold, or precious metals, is in the way where you actually take possession of it.   JOHN LAWRENCE ALLEN: I agree.   JASON HARTMAN: You're talking about inside of a fund, right?  I mean, you're not talking about—I mean, there's—there are frauds where people actually take possession, and they find out the metal is fake.  But I don't think that's super common, probably.   JOHN LAWRENCE ALLEN: Those are very, very rare.  And those are usually not government-sponsored products like American eagles or maple leaves from Canada.  And, they're usually sold by disreputable dealers.  But if you buy gold from a reputable dealer and have it shipped to your home, put in a safety deposit box, or bury it somewhere, that's the safe way.  You don't want to have them tell you, oh, we'll store it for you.  No, you want your gold, if you're gonna buy gold.   JASON HARTMAN: I agree with you.  The point of that types of investing is to be in possession of it.  absolutely.  And I just can't believe the people that go for these deals where they say, oh, they're gonna store them in a vault in Switzerland.  Yeah, right.   JOHN LAWRENCE ALLEN: And another thing now—another section of my book, Make Wall Street Pay You Back, is, as you said very early on, we're no longer a commission-driven business; we're a management business, where they grab their assets and send them out to management.  That adds a layer of protection to the broker dealer and the registered representative, the stockbroker.  However, that doesn't stop them from still having to make a suitable recommendation to this manager.  So, when you go to a broker dealer and you give them your assets, and they agree to manage them, and they're not gonna charge you a commission, they're gonna charge you a percentage of the assets you have under management, you need to be sure that whatever manager they hire, that that manager is—and the manager style—is in keeping with your goals, objectives, risk tolerance, and time horizon.  You don't want to go into an all equity small cap microcap fund, if you're trying to invest in what is supposed to be on the stock investing side, a more conservative portfolio.  And also, you want to be sure that the style of that manager doesn't involve, unless you're willing to take that risk—you know, I'm not saying risk is bad.  You just need to know about it, make an informed consent about it, and be willing to accept it.  But you need to be sure that that style of that manager is in keeping with your risk assessment.  Because, if you don't want to take a lot of risk, then you can't have options, derivatives, or futures, or leverage, employed by that manager.  So you need to know the style, and the type of investments, and where they're gonna make those investments.   Who claims are usually made against   JASON HARTMAN: Toward the beginning of the show I talked to you about all the different layers of this onion, and how, who are you really—who is your claim against?  We've talked about registered reps, brokerage firms.  What about the other people in the food chain?  And then, all the way up to the actual company, whose stock you own.  In the board of directors, and the CEO, and the CFO, and the CTO—all of these guys are just skimming off the top.  I mean, the Dennis Kozlowskis of the world, and all the rest of them.  I mean, there's a lot of fraud going on at that level too, where, you know, the brokerage firm could be okay, the rep could be okay, but the actual company whose stock you own, do you go after them too?   JOHN LAWRENCE ALLEN: Well, I try to make a rule not to go after anybody who has a questionable pocketbook to recover from.  Generally—   JASON HARTMAN: Oh, right.   JOHN LAWRENCE ALLEN: Generally, when there is a corporate crime, or a corporate fraud, most of the time, not always, most of the time, there aren't assets sufficient to recover for the shareholders.   JASON HARTMAN: Because they've sucked it all out of the company, and the company's basically an empty shell.   JOHN LAWRENCE ALLEN: Exactly.  Madoff, or Enron, or Delphi, you know, if we were to go back a few years to all of the security problems going on.  But interestingly enough, if you do it at a grand enough scale, you get to walk away scot-free and you don't even go to prison.   JASON HARTMAN: It's unbelievable.  Yeah.   Jon Corzine, MF Global, & the Insider's Game   JOHN LAWRENCE ALLEN: A perfect example is Corzine, who was the governor of New Jersey—   JASON HARTMAN: MF Global.   JOHN LAWRENCE ALLEN: And Jon Corzine.  And he was a huge donator to the Democratic Party, and a big supporter of Obama, and he took over a company, MF Global.  And they were just a plain bread and butter vanilla commodity broker.  They bought and sold commodities, they made, you know, a few pennies off of the buying and selling of these commodities.  Well, he didn't think that was enough money.  So he went and made a multi-billion dollar—I think 3.6, to be exact—billion dollar bet on the debt of other countries and companies.  And that bet went awry.  Very badly awry.  And Corzine went in, and he claims he did not do this.  He claims he didn't know.  But under his supervision as the chairman of the company, they invaded the assets of their own clients, and stole $1.3 billion of assets from their clients to cover their bad bet.   JASON HARTMAN: And that's Jon Corzine, and $1.3 billion, that's billion with a ‘b.'  Not million—billion, okay?  Huge.   JOHN LAWRENCE ALLEN: Correct.  Took it out of their clients' accounts.  They got caught, they had to return what money they could find, he paid a fine, and he walked away without going to jail for committing absolute grand larceny on a monster scale.   JASON HARTMAN: Un-fricking-believable.  I mean, this is so disgusting.  It's just—it's just disgusting!  And it's amazing to me, like, one of the things I tell my listeners is, don't trust resumes.  Ken Lay, with Enron—he was buddies with George Bush, okay?  I'm sure the pictures were all over the company for people to see when they came in.  Bernie Madoff was president of NASDAQ.  Jon Corzine was governor of New Jersey!  I mean, your resume doesn't get much better than any of those, right?   JOHN LAWRENCE ALLEN: Oh, absolutely.  And let's add to the list Mr. Mozilo, who was the chairman of Countrywide, who got bought out by B of A, and he was one of the large perpetrators of the entire mortgage debacle, and people lost billions, maybe even trillions, and he walked away scot-free and he, he had his “friends of Mozilo,” who got mortgage—well, I should put it this way.  Members of Congress and the Senate, who got special mortgages from Countrywide at highly reduced rates, because they were friends of Mozilo.  And he walked away scot-free.   JASON HARTMAN: It's just a total insider's game.  That old question, you know, when the broker takes his buddy down to show his buddy his new yacht, and his friend says, where are all the clients' yachts?  You know?  It's an in—that's what people have to understand.  Wall Street is an insider's game.  And the insiders are the ones who get rich, because the insiders have all the connections, and they basically make the laws.  Because they have lobbyists, they have lawyers, they have PR firms, they have accounting firms, and the game is just so stacked against the investor, I don't know why the general public is still playing in this field.  They're totally outgunned!  And then you look at Michael Lewis and his great new book, Flash Boys, which I'm sure you're familiar with—I mean, are these—Goldman Sachs—are they just a totally criminal organization too?  Probably.  I don't know.  It sure seems like it.  It's just unbelievable.  I mean, in Flash Boys, which I highly recommend, Michael Lewis talks—he just profiles all of these companies that are like, getting in line to do this high frequency trading, where the speed of light is not even fast enough anymore, at 186,000 miles per second, and all the people profiting from all of this stuff in the food chain, it's beyond despicable.  It's totally rigged.   JOHN LAWRENCE ALLEN: It's very difficult.  It's a hard game to play.  But, the other side of the coin is, with the Fed maintaining these totally illusionary, 0% interest rates—   JASON HARTMAN: What else can you do?   JOHN LAWRENCE ALLEN: Everybody's having a hard time trying to make ends meet, and they're forced, almost, to go into the stock market.   Bad monetary policy forces people to take inappropriate risks   JASON HARTMAN: Yeah, they're forced to do—see, this is—bad monetary policy like we have, forces people to take inappropriate risk!  Because they can't get any yield in their bank account.  And it's so sad to see the people that are older and have really done the right thing all their lives.  You know, they saved money, they planned for the future, they delayed gratification, and now they got a few bucks.  It's sitting in a bank account, being destroyed by taxes and inflation, especially inflation, which, you know, is higher than what the government would have us believe, and they just can't get any yield.  So, they go in, and they play with the stock market, and, you know what happens.  I mean, that's your business.   JOHN LAWRENCE ALLEN: Yes.   JASON HARTMAN: Yeah.  It really—   JOHN LAWRENCE ALLEN: Sad but true.   Closing statements   JASON HARTMAN: Yeah.  It really is sad.  Well, this has been a fascinating discussion.  A lot of people tell lawyer jokes, but I'm glad there are lawyers out there who really help people get some justice.  And one of them is you, so, thank you for doing that.  And give out your website again.  Of course the book is onwww.Amazon.com.  I definitely encourage people to read it: Make Wall Street Pay You Back.  The website is the same name, right?   JOHN LAWRENCE ALLEN: Yeah.  www.MakeWallStreetPayYouBack.com.  There's also a section in the book about arbitration, what it's like, what you have to know, what it's like to go through one, so people won't feel so nervous about going through the process, and realizing that they have rights, they ought to stick up for their rights, and not be afraid to pursue even Merrill Lynch or Morgan Stanley or Goldman Sachs.   JASON HARTMAN: Good.  Good stuff.  Well John Lawrence Allen, thank you so much for joining us today.  This has been very informative.   JOHN LAWRENCE ALLEN: Thank you very much, Jason, and I appreciate the time.   [MUSIC]   ANNOUNCER (FEMALE): I've never really thought of Jason as subversive, but I just found that's what Wall Street considers him to be!   ANNOUNCER (MALE): Really?  How is that possible at all?   ANNOUNCER (FEMALE): Simple.  Wall Street believes that real estate investors are dangerous to their schemes, because the dirty truth about income property is that it actually works in real life.   ANNOUNCER (MALE): I know!  I mean, how many people do you know, not including insiders, who created wealth with stocks, bonds, and mutual funds?  Those options are for people who only want to pretend they're getting ahead.   ANNOUNCER (FEMALE): Stocks, and other non-direct traded assets, are losing game for most people.  The typical scenario is: you make a little, you lose a little, and spin your wheels for decades.   ANNOUNCER (MALE): That's because the corporate crooks running the stock and bond investing game will always see to it that they win!  Which means, unless you're one of them, you will not win.   ANNOUNCER (FEMALE): And, unluckily for Wall Street, Jason has a unique ability to make the everyday person understand investing the way it should be.  He shows them a world where anything less than a 26% annual return is disappointing.   ANNOUNCER (MALE): Yep, and that's why Jason offers a one book set on creating wealth that comes with 20 digital download audios.  He shows us how we can be excited about these scary times, and exploit the incredible opportunities this present economy has afforded us.   ANNOUNCER (FEMALE): We can pick local markets, untouched by the economic downturn, exploit packaged commodities investing, and achieve exceptional returns safely and securely.   ANNOUNCER (MALE): I like how he teaches you to protect the equity in your home before it disappears, and how to outsource your debt obligations to the government.   ANNOUNCER (FEMALE): And this set of advanced strategies for wealth creation is being offered for only $197.   ANNOUNCER (MALE): To get your creating wealth encyclopedia, book one, complete with over 20 hours of audio, go to www.jasonhartman.com/store.   ANNOUNCER (FEMALE): If you want to be able to sit back and collect checks every month, just like a banker, Jason's creating wealth encyclopedia series is for you.   [MUSIC]   ANNOUNCER: This show is produced by the Hartman Media Company.  All rights reserved.  For distribution or publication rights and media interviews, please visit www.HartmanMedia.com, or email media@hartmanmedia.com.  Nothing on this show should be considered specific personal or professional advice.  Please consult an appropriate tax, legal, real estate, or business professional for any individualized advice.  Opinions of guests are their own, and the host is acting on behalf of Platinum Properties Investor Network, Inc. exclusively.  

In this fascinating two-part episode, Jason Hartman talks about Michael Lewis's new book "Flash Boys" and comments the on the excellent CBS 60 Minutes segment discussing high-frequency trading and how the stock market, according to Michael Lewis and many other experts, is rigged.   In part two, Jason interviews Dr. Rush from Cenegenics as they discuss the latest breakthroughs in health and longevity science. This interview was originally recorded for Jason's new "Longevity Show" which will launch soon but he wanted to share it in this episode so you can benefit from the ideas right away. Visit www.JasonHartman.com for details. Many experts believe that we are on the verge of major breakthroughs when it comes to increasing lifespan and this has wide ranging implications for, not only our own lives and well-being, but the economy, the real estate market, commodities consumption, wealth creation, government entitlement programs like Social Security and Obamacare but also the outlook for inflation and investing to grow our wealth with income property.